Rueil Malmaison, 5 February 2020

2019 ANNUAL RESULTS

             

            Key figures

(in € millions) 2019 2018 2019/2018 change
Revenue1 48,053 43,519 +10.4%
Cash flow from operations (Ebitda) 8,4972 6,898 +23.2%
  % of revenue 17.7% 15.9%  
Operating income from ordinary activities 5,734 4,997 +14.8%
  % of revenue 11.9% 11.5%  
Recurring operating income 5,704 4,924 +15.8%
Net income attributable to owners of the parent 3,260 2,983 +9.3%
Diluted earnings per share (in €) 5.82 5.32 +9.3%
Free cash flow 4,201 3,179 +1,022
Net financial debt (in € billions) (21.7) (15.6) (6.1)
Dividend per share (in €) 3.053 2.67 +0.38
       
Change in total traffic at VINCI Autoroutes +2.8% -0.5%  
Change in airport passenger traffic +5.7%4 +6.8%  
Order book at 31 December (in € billions) 36.5 33.1 +10%

Xavier Huillard, VINCI’s Chairman and CEO, made the following comments:

“VINCI broke records in 2019. Business levels grew strongly both in France and abroad, earnings rose again and cash flow was outstanding.

That very good performance was achieved through the hard work of VINCI’s 222,000 employees. It confirms the strength of our Concession-Contracting business model and our ability to integrate new companies successfully. The year’s main highlight was the acquisition of a majority stake in London Gatwick, the second-largest airport in the United Kingdom and the eighth-largest in Europe.

In Concessions, although social unrest in France continued to have an adverse impact in early 2019, VINCI Autoroutes traffic levels recovered strongly at the end of the year and showed firm growth for the year as a whole. VINCI Airports passenger numbers continued to rise for most of the year, but the growth was more limited in the fourth quarter due to several one-off events at certain airports. After integrating its recent acquisitions, VINCI Airports is now the world’s second-largest airport operator in terms of managed passenger numbers, and the most diversified with 45 airports in 12 countries.

In Contracting, organic growth was strong in all business lines, both in France and abroad, and order intake also saw firm growth. As a result, the order book hit a new record at the end of the year. These positive developments were accompanied by wider margins, with improvements at VINCI Energies and Eurovia making up for a slight decline at VINCI Construction, caused by under activity in the oil and gas sector.

VINCI took advantage of particularly favourable financial market conditions in 2019. We carried out several transactions to refinance debt on excellent terms, extending the average maturity of our debt while also diversifying our funding sources with two inaugural bond issues in sterling and US dollars. 

VINCI is going into 2020 with confidence and can expect further growth in revenue and net income. However, that growth is likely to be more limited than in 2019 because of the high base for comparison and barring major new acquisitions. 

VINCI views success in global performance terms and is not just committed to improving its economic and financial performance. We are also engaged on workforce-related, environmental, social and ethical matters. In this context, the Group has the stated aim of reducing its carbon footprint by 40% between now and 2030.”

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 4 February 2020 to finalise the 2019 financial statements5, which will be submitted for approval at the Shareholders’ General Meeting on 9 April 2020.

I.          Higher revenue and earnings; very strong free cash flow generation

VINCI’s consolidated financial statements for 2019 show increases in revenue, Ebitda, Ebit, net income attributable to owners of the parent and free cash flow.

Consolidated revenue totalled €48.1 billion, up 10.4% relative to 2018. Organic growth was 5.4% (6.1% in France and 4.5% outside France). Changes in consolidation scope had a positive 4.6% impact (mainly outside France), while exchange-rate movements boosted revenue by 0.4%, mainly because of the rise in several currencies – the US dollar in particular – against the euro. The proportion of revenue generated outside France continued to rise, reaching 45% (43% in 2018).

Concessions revenue totalled €8.5 billion, up 17.7% on an actual basis (up 5.8% like-for-like).

Contracting revenue totalled €38.9 billion, up 8.7%. Organic growth (5.1%) was firm across the three Contracting business lines, both in France and abroad.

VINCI Immobilier achieved strong growth in revenue (up 19.5% to €1.3 billion), with good production in both residential and commercial property in Paris and other major French cities, along with increased business levels in managed residences (under the Ovelia and Student Factory brands).

Consolidated Ebitda totalled €8.5 billion, equal to 17.7% of revenue, up more than 180 bp compared to 2018. Adjusted for the impact caused by the first-time adoption of IFRS 16 “Leases” on 1 January 2019, Ebitda amounted to €7.9 billion, a year-on-year increase of 14.8%.

Operating income from ordinary activities (Ebit) amounted to €5.7 billion, up 14.8%. It equalled 11.9% of revenue compared with 11.5% in 2018.

Recurring operating income – including the impact of share-based payments (IFRS 2), the Group’s share of the income or loss of companies accounted for under the equity method, and miscellaneous recurring operating items – rose 15.8% to €5.7 billion.

Consolidated net income attributable to owners of the parent amounted to €3,260 million. That represents a 9.3% increase on 2018 despite higher financial expenses resulting from the rise in average debt levels following acquisitions during the period. Earnings per share6 amounted to €5.82 (€5.32 in 2018), up 9.3%.

Free cash flow improved sharply to €4,201 million, versus €3,179 million in 2018. The three Contracting business lines were the main drivers of that increase, which amounted to more than €1 billion.

Consolidated net financial debt stood at €21.7 billion at 31 December 2019, up €6.1 billion year-on-year, mainly due to the deal to take control of London Gatwick airport.

Group liquidity amounted to €15.0 billion at 31 December 2019 (€13.6 billion at 31 December 2018). This figure comprises €6.8 billion of managed net cash and €8.3 billion of unused confirmed bank credit facilities, comprising VINCI’s €8.0 billion facility due to expire in November 2024 and London Gatwick airport’s €0.3 billion facility due to expire in 2024.

The consolidated financial statements for the year ended 31 December 2019 are available on the VINCI website: https://www.vinci.com/vinci.nsf/en/investors

II.          Positive trend in operational performance

VINCI Autoroutes’ traffic levels grew strongly in the fourth quarter of 2019: up 14.8% overall, light vehicles up 16.6% and heavy vehicles up 5.9%. Growth was helped by a low base for comparison, since traffic levels in late 2018 were badly affected by episodes of social unrest in France. In addition, rail disruption in December 2019 prompted some people to travel by road instead of rail, boosting motorway traffic levels. Over the year as a whole, traffic levels rose 2.8% (light vehicles up 2.8%, heavy vehicles up 3.1%).

VINCI Airports maintained good momentum in passenger numbers for most of 2019, posting a 5.7% increase relative to 2018 on a constant network basis, with the opening of 325 new routes including 61 long-haul routes. In the fourth quarter, however, growth slowed at some airports affected by one-off events: in the United Kingdom (the Thomas Cook bankruptcy, pre-Brexit hesitancy), Asia (tensions between Japan and South Korea), Chile (social unrest) and France (Air France’s move to streamline its domestic flights).

In Contracting,

                   

At VINCI Immobilier7, the number of homes reserved in France fell slightly but remained high at 6,215 (6,333 in 2018). In office property, the amount of floorspace sold during the year increased sharply to almost 102,000 m2 (up 64%). That includes the iconic To Lyon development close to Lyon Part Dieu train station, along with two additional blocks adjacent to the Group’s future head office in Nanterre Les Groues.

   III.            Debt management

In 2019, market conditions were particularly favourable and VINCI (rated A- by Standard & Poor’s with positive outlook and A3 by Moody’s with stable outlook) completed several financing transactions.

In February, ASF issued €1 billion of bonds due to mature in February 2031 with a coupon of 1.375%.

In early July, London Gatwick airport issued £300 million of bonds due to mature in June 2049 with a coupon of 2.875%.

Those transactions enabled the Group to increase its liquidity, extend the average maturity of its debt and diversify its funding sources and investor base.

At 31 December 2019, the Group’s gross financial debt, before taking into account available cash, totalled €28.4 billion. Its average maturity was 8.1 years (6.4 years at 31 December 2018) and the average cost of debt was 2.4%, a slight increase (2.3% in 2018) due to a larger proportion of foreign currency debt.

  IV.            2020 outlook:

Despite the uncertain geopolitical context and limited visibility in terms of the global economic and financial outlook, VINCI is going into 2020 with confidence.

That confidence is based on:

As a result, VINCI can expect further growth in its revenue and net income in 2020. However, that growth is likely to be more limited than in 2019 because of the high base for comparison in both Concessions and Contracting, barring major new acquisitions. 

V.          Dividend

The Board of Directors has decided to propose a 2019 dividend of €3.05 per share to the Shareholders’ General Meeting on 9 April 2020 (€2.67 in 2018).  

Since an interim dividend of €0.79 per share was paid in November 2019, the final dividend payment on 23 April 2020 (ex date: 21 April 2020) will be €2.26 per share if approved.

VI.          Share capital

At 31 December 2019, VINCI’s capital consisted of 605.2 million shares, including 50.5 million treasury shares (8.3% of the capital at that date).

VII.          Corporate social, societal and environmental responsibility

As well as its economic and financial targets, VINCI is maintaining and increasing its commitments in the ethical, social, societal and environmental fields. Those commitments are framed by the VINCI Manifesto, which is being implemented in all business lines and geographical regions.

In 2019, the Group assessed various ways of improving its environmental performance in three areas: climate change, the preservation of resources by developing the circular economy, and the conservation of natural habitats. All of VINCI’s operational entities took part in that initiative. The Group looked at various improvements and transformational investments aimed at:

As part of these efforts, VINCI will devote a greater proportion of its research and innovation resources to environmental matters. Those resources are deployed in each of VINCI’s business lines and through Leonard, the Group’s foresight and innovation platform, particularly through the Intrapreneur and start-up support programmes. VINCI will also adopt specific initiatives as part of external scientific and technology partnerships, particularly with ParisTech.

      ·Ethics and human rights

In accordance with its Manifesto commitments, VINCI carries out its projects in ways that respect ethical principles and protect human rights, which are mandatory for all its entities. The Group’s Code of Ethics and Conduct and Anti-Corruption Code of Conduct are available in 26 languages and accessible to 99% of its employees. The VINCI Guide on Human Rights sets out the guidelines that all Group companies must follow in this area, regardless of their business line and location.

  1. Other key events in 2019 and January 2020 

             

VINCI Autoroutes:

VINCI Airports:

VINCI Highways :

VINCI Energies acquired 34 companies in 2019, including:

In January 2019, VINCI Immobilier acquired a 49.9% stake in Urbat Promotion, a specialist homebuilder operating in the south of France.

·Management

In March 2019, Arnaud Grison was appointed Chairman and CEO of VINCI Energies, replacing Yves Meignié. He has joined VINCI’s Executive Committee.

In January 2020, Jocelyne Vassoille was appointed as the Group’s Vice-President, Human Resources. She has also joined VINCI’s Executive Committee.

**********

Diary
5 February 2020 2019 results presentation
08.30: press conference – 11.00: analysts’ meeting

 

Playback:
In French +33 (0)1 70 71 01 59 (PIN: 40033922#)
In English +44 (0)20 7194 3759 (PIN: 54583582#)

 

Delayed access to the webcast on our website:
https://www.vinci.com/vinci.nsf/fr/finances-resultats/pages/index.htm

 
9 April 2020 Shareholders’ General Meeting
21 April 2020 Ex-dividend date (final dividend for 2019)
23 April 2020 Payment of the final dividend for 2019
23 April 2020 Quarterly information at 31 March 2020
Press release published after the market close
11 June 2020 Investor Day: VINCI Airports at London Gatwick airport

**********
This press release is available in French and English on VINCI’s website: www.vinci.com.

The slide presentation of the 2019 annual results will be available before the press conference on VINCI’s website: www.vinci.com.

**********

INVESTOR RELATIONS
Grégoire Thibault
Tel: +33 1 47 16 45 07
gregoire.thibault@vinci.com

Alexandra Bournazel
Tel: +33 1 47 16 33 46
alexandra.bournazel@vinci.com

PRESS CONTACT
Press department

Tel: +33 1 47 16 31 82

media.relations@vinci.com

About VINCI

VINCI is a global player in concessions and construction, employing more than 222,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally, socially and ethically responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

www.vinci.com


APPENDICES

APPENDIX A: CONSOLIDATED FINANCIAL STATEMENTS

 

Income statement
   
(in € millions) 2019 2018 2019/2018
change
 
Revenue excluding revenue derived from concession subsidiaries’ works 48,053 43,519 +10.4%  
Revenue derived from concession subsidiaries’ works1 700 633    
Total revenue 48,753 44,152 +10.4%  
Operating income from ordinary activities (Ebit) 5,734 4,997 +14.8%  
% of revenue2 11.9% 11.5% +40 bp  
Share-based payments (IFRS 2) (291) (206)    
Profit/loss of companies accounted for under the equity method and other recurring items 260 133    
Recurring operating income 5,704 4,924 +15.8%  
Non-recurring operating items (40) (4)    
Operating income 5,664 4,920 +15.1%  
Cost of net financial debt (551) (462)    
Other financial income and expense (71) 17    
Income tax expense (1,634) (1,418)    
Non-controlling interests (148) (74)    
Net income attributable to owners of the parent 3,260 2,983 +9.3%  
Diluted earnings per share (in €)3 5.82 5.32 +9.3%  
         
Ordinary dividend per share (in €) 3.05 2.67 +0.38  

1     Applying IFRIC 12 “Service Concession Arrangements”, revenue derived from VINCI concession subsidiaries’ works done by companies outside the Group (see Glossary).
2     % calculated on revenue excluding revenue derived from concession subsidiaries’ works done by companies outside the Group (see Glossary).
3     After taking into account dilutive instruments.
4     Proposal to be submitted at the Shareholders’ General Meeting on 9 April 2020.

VINCI has applied IFRS 16 “Leases” since 1 January 2019. Since that date, all leases have been recognised using a single model that affects the Group’s balance sheet in a similar way to finance leases under the previous accounting standard applied until 31 December 2018. IFRS 16 provides for simplified transitional arrangements, under which the Group’s financial statements are not affected until 1 January 2019, with no adjustment of comparative data. Lease liabilities of €1,421 million, of which €166 million were already recognised under finance leases, were recognised at 1 January 2019 with a balancing entry consisting of “Right-of-use assets” presented under property, plant and equipment on the Group’s balance sheet.

Simplified balance sheet

  At 31 December
(in € millions) 2019 2018
Non-current assets - Concessions 42,968 32,786
Non-current assets – Contracting and other 13,998 11,699
WCR, provisions and other current debt and receivables (6,965) (6,214)
Capital employed 50,001 38,270
Equity attributable to owners of the parent (20,438) (19,185)
Non-controlling interests (2,604) (633)
Total equity (23,042) (19,818)
Lease liabilities 1 (1,805)  
Non-current provisions and other long-term liabilities (3,500) (2,898)
Long-term borrowings (28,347) (22,716)
Gross financial debt (28,405) (21,182)
Net cash managed 6,751 5,628
Net financial debt (21,654) (15,554)

Cash flow statement

(in € millions) 2019 2018
Cash flow from operations before tax and financing costs (Ebitda) 2 8,497 6,898
Changes in operating WCR and current provisions 428 (266)
Income taxes paid (1,547) (1,222)
Net interest paid (458) (444)
Dividends received from companies accounted for under the equity method 170 176
Cash flows (used in)/from operating activities 7,090 5,142
Operating investments (net of disposals) (1,249) 3 (986)
Repayment of lease debt and associated financial expense1 (575)  
Operating cash flow 5,266 4,156
Growth investments in concessions and PPPs (1,065) (977)
Free cash flow 4,201 3,179
Net financial investments (8,245) (2,638)
Other (90) (165)
Net cash flows before movements in share capital (4,134) 377
Increases in share capital and other 933 444
Share buy-backs (903) (639)
Dividends paid (1,772) (1,443)
Capital transactions (1,742) (1,639)
Net cash flows for the period (5,876) (1,262)
Other changes (224) (291)
Change in net financial debt (6,100) (1,553)
     
Net financial debt at beginning of period (15,554) (14,001)
Net financial debt at end of period (21,654) (15,554)

1     See note on IFRS 16.
2     See Glossary and note on IFRS 16. €575 million impact on Group Ebitda in 2019 from the first-time adoption of IFRS 16. 2018 figures have not been adjusted.
3     Of which investments in London Gatwick airport (€182 millions)

APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE

Revenue by business line

    2019/2018 change
(in € millions) 2019 2018 Actual Like-for-like
Concessions 8,544 7,261 +17.7% +5.8%
VINCI Autoroutes 5,593 5,356 +4.4% +4.4%
VINCI Airports 2,631 1,607 +63.7% +8.6%
Other concessions1 319 298 +7.0% +13.1%
Contracting 38,884 35,769 +8.7% +5.1%
VINCI Energies 13,749 12,603 +9.1% +5.0%
Eurovia 10,209 8,934 +14.3% +6.2%
VINCI Construction 14,926 14,231 +4.9% +4.3%
VINCI Immobilier 1,320 1,104 +19.5% +19.5%
Eliminations and adjustments (695) (616)    
Revenue2 48,053 43,519 +10.4% +5.4%
of which:
France
26,307 24,768 +6.2% +6.1%
 Europe excl. France 13,106 11,723 +11.8% +4.5%
International excl. Europe 8,640 7,028 +22.9%

1 VINCI Highways, VINCI Railways and VINCI Stadium.
2 Excluding concession subsidiaries’ construction work done by companies outside the Group (see Glossary).

Fourth quarter consolidated revenue

  Fourth quarter Fourth quarter 2019/2018 change
(in € millions) 2019 2018 Actual Like-for-like
Concessions 2,051 1,643 +24.8%  +10.8%
   VINCI Autoroutes 1,306 1,154 +13.1% +13.1%
   VINCI Airports 666 407 +63.5% +6.2%
   Other concessions1 79 81 -3.1% +0.4%
Contracting 10,811 10,198 +6.0% +1.8%
   VINCI Energies 3,949 3,627 +8.9% +4.2%
   Eurovia 2,744 2,481 +10.6% +1.1%
   VINCI Construction 4,118 4,090 +0.7% +0.1%
VINCI Immobilier 509 490 +3.8% +3.8%
Eliminations and adjustments (175) (251)    
Revenue2 13,196 12,079 +9.2% +3.8%
of which:
 France
7,009 6,707 +4.5%  

+4.4%
 Europe excl. France 3,652 3,340 +9.4% +3.8%
  International excl. Europe 2,535 2,033 +24.7%

1 VINCI Highways, VINCI Railways and VINCI Stadium.
2 Excluding concession subsidiaries’ construction work done by companies outside the Group (see Glossary).

Consolidated revenue1 by geographical area and business line

         2019/2018 change
(in € millions) 2019 2018 Actual Like-for-like
FRANCE        
Concessions 6,079 5,809 +4.7% +4.7%
VINCI Autoroutes 5,593 5,356 +4.4% +4.4%
VINCI Airports 371 341 +8.8% +8.8%
Other concessions2 115 112 +3.2% +3.2%
Contracting 19,555 18,431 +6.1% +6.0%
VINCI Energies 6,158 5,753 +7.0% +5.6%
Eurovia 5,471 5,027 +8.8% +8.5%
VINCI Construction 7,926 7,651 +3.6% +4.6%
VINCI Immobilier 1,314 1,101 +19.3% +19.3%
Eliminations and adjustments (641) (572)    
Total France 26,307 24,768 +6.2% +6.1%
         
INTERNATIONAL        
Concessions 2,464 1,453 +69.6% +9.7%
VINCI Airports 2,261 1,266 +78.5% +8.6%
Other concessions2 204 186 +9.2% +19.7%
Contracting 19,329 17,338 +11.5% +4.1%
VINCI Energies 7,591 6,851 +10.8% +4.6%
Eurovia 4,738 3,907 +21.3% +3.4%
VINCI Construction 7,000 6,580 +6.4% +4.0%
Eliminations and adjustments (47) (40)    
Total International 21,746 18,751 +16.0% +4.5%

1 Excluding concession subsidiaries’ construction work done by companies outside the Group (see Glossary).
2 VINCI Highways, VINCI Railways and VINCI Stadium.


 

APPENDIX C: OTHER INFORMATION BY BUSINESS LINE

Operating income from ordinary activities (Ebit) by business line

(in € millions) 2019 % of revenue1 2018 % of revenue1 2019/2018 change
Concessions 3,989 46.7% 3,429 47.2% +16.3%
VINCI Autoroutes 2,967 53.0% 2,686 50.2% +10.4%
VINCI Airports 1,016 38.6% 689 42.9% +47.4%
  Other concessions2 and holding companies 6   54    
Contracting 1,654 4.3% 1,472 4.1% +12.3%
VINCI Energies 827 6.0% 727 5.8% +13.8%
Eurovia 430 4.2% 345 3.9% +24.7%
VINCI Construction 396 2.7% 400 2.8% -1.0%
VINCI Immobilier 80 6.0% 80 7.2% -0.2%
Holding companies 12   15    
Total Ebit 5,734 11.9% 4,997 11.5% +14.8%

1 Excluding concession subsidiaries’ revenue from works done by non-Group companies (see Glossary).

2 VINCI Highways, VINCI Railways and VINCI Stadium.

Net income attributable to owners of the parent, by business line

(in € millions) 2019 2018 2019/2018 change
Concessions 2,255 1,923 +17.3%
VINCI Autoroutes 1,705 1,468 +16.2%
VINCI Airports 577 465 +24.0%
 Other concessions1 and holding companies (27) (9)  
Contracting 792 849 -6.7%
VINCI Energies 409 398 +2.6%
Eurovia 207 220 -5.9%
VINCI Construction 177 231 -23.5%
VINCI Immobilier 65 68 -3.7%
Holding companies 148 143  
Net income attributable to owners of the parent 3,260 2,983 +9.3%

1 Including VINCI Highways, VINCI Railways and VINCI Stadium.

Ebitda1 by business line

(in € millions) 2019 % of revenue2 2018 % of revenue2 2019/2018 change
Concessions 5,796 67.8% 4,963 68.4% +16.8%
of which: VINCI Autoroutes 4,178 74.7% 3,895 72.7% +7.3%
   VINCI Airports 1,466 55.7% 941 58.6% +55.7%
Contracting 2,446 6.3% 1,815 5.1% +34.8%
VINCI Immobilier 93 7.1% 79 7.1% +18.0%
Holding companies 161   41    
EBITDA 8,497 17.7% 6,898 15.9% +23.2%

1 See Glossary and note on IFRS 16. €575 million impact on Group Ebitda in 2019 from the first-time adoption of IFRS 16. 2018 figures have not been adjusted.
2 Excluding concession subsidiaries’ revenue from works done by non-Group companies (see Glossary).

Net financial debt by business line

(in € millions) 2019 Of which external net debt 2018 Of which external net debt 2019/2018 change
Concessions (33,952) (19,901) (27,029) (16,000) -6,923
VINCI Autoroutes (19,964) (14,275) (20,345) (14,659) +381
  VINCI Airports (10,530) (4,829) (4,951) (759) -5,580
 Other concessions1 and holding companies (3,459) (797) (1,734) (582) -1,724
Contracting (168) 1,729 (908) 1,380 +740
Holding companies and miscellaneous 12,466 (3,482) 12,382 (934) +84
Net financial debt (21,654)   (15,554)   -6,100

1 VINCI Highways, VINCI Railways and VINCI Stadium.

APPENDIX D: CONTRACTING ORDER BOOK AND ORDER INTAKE

Order book

  At 31 December  
(in € billions) 2019 2018 2019/2018 change
VINCI Energies 9.1 8.4 +8%
Eurovia 8.0 7.0 +14%
VINCI Construction 19.4 17.7 +10%
Total Contracting 36.5 33.1 +10%
of which:      
France 15.6 15.1 +3%
Europe (excluding France) 9.9 9.4 +5%
Rest of the world 11.0 8.6 +28%


Order intake At 31 December  
(in € billions) 2019 2018 2019 / 2018 change
VINCI Energies 14.2 13.7 +4%
Eurovia 11.0 9.8 +13%
VINCI Construction 16.5 15.1    +9%
Total Contracting 41.7 38.6 +8%
of which:      
France 20.0 18.2

 
+10%
Europe (excluding France) 11.5 12.2 -5%
Rest of the world 10.1 8.2 +24%

APPENDIX E: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS

Total traffic on motorway concessions*

  Fourth quarter Full year
(millions of km travelled) 2019 2019/2018 change 2019 2019/2018 change
VINCI Autoroutes 12,089 +14.8% 52,508 +2.8%
  Light vehicles 10,286 +16.6% 45,273 +2.8%
  Heavy vehicles 1,803 +5.9% 7,234 +3.1%
of which:        
ASF 7,484 +15.9% 32,863 +3.3%
  Light vehicles 6,285 +17.8% 28,060 +3.2%
  Heavy vehicles 1,198 +6.9% 4,803 +3.4%
Escota 1,679 +22.1% 7,276 +3.2%
  Light vehicles 1,511 +23.0% 6,590 +3.1%
  Heavy vehicles 168 +15.0% 686 +4.5%
Cofiroute (intercity network) 2,843 +8.6% 12,016 +1.5%
  Light vehicles 2,419 +10.2% 10,320 +1.5%
  Heavy vehicles 424 +0.6% 1,696 +1.6%
Arcour 83 +5.0% 353 +1.4%
  Light vehicles 70 +7.7% 303 +1.6%
  Heavy vehicles 13 -8.0% 50 +0.4%

* Excluding A86 duplex.

VINCI Autoroutes revenue in 2019

  VINCI Autoroutes Of which:  
  ASF Escota Cofiroute Arcour  
Toll revenue (in € millions) 5,491 3,186 773 1,460 72  
2019/2018 change +4.4% +5.1% +4.9% +2.7% +8.3%  
Revenue (in € millions) 5,593 3,252 786 1,480 72  
2019/2018 change +4.4% +5.1% +4.8% +2.7% +8.2%  


VINCI Airports’ passenger traffic1    
         


   Fourth quarter Full year
 
 
(in thousands of passengers) 2019 2019/2018 change 2019 2019/2018 change
Portugal (ANA) 13,234 +6.4% 59,120 +6.9%
  of which Lisbon 7,371 +8.5% 31,173 +7.4%
United Kingdom 11,617 -0.6% 52,852 +1.0%
  of which LGW 10,295 +0.7% 46,568 +1.1%
France 4,576 +4.7% 20,566 +8.5%
  of which ADL 2,688 +1.9% 11,754 +6.4%
Cambodia 2,819 -3.1% 11,635 +10.2%
United States 2,683 +10.2% 10,331 +8.4%
Brazil 2,131 -1.0% 7,784 -2.9%
Serbia 1,409 +15.6% 6,159 +9.2%
Dominican Republic 1,407 +17.3% 5,632 +12.2%
Sweden 522 +6.3% 2,277 +3.7%
Total fully consolidated subsidiaries 40,399 +3.9% 176,357 +5.2%
Japan (40%) 12,702 +0.8% 51,793 +7.2%
Chile (40%) 5,917 -5.8% 24,646 +5.7%
Costa Rica (45%) 262 +10.6% 1,224 +8.8%
Rennes-Dinard (49%) 198 -9.8% 948 -1.8%
Total equity-accounted subsidiaries 19,079 -1.4% 78,611 +6.6%
Total passengers managed by VINCI Airports 59,479 +2.1% 254,967 +5.7%

1 Data at 100%, irrespective of percentage held. 2019 and 2018 figures including airport passenger numbers over the full period.

                                       

GLOSSARY

Cash flows from operations before tax and financing costs (Ebitda): Ebitda corresponds to recurring operating income adjusted for additions to depreciation and amortisation, changes in non-current provisions and non-current asset impairment, gains and losses on asset disposals. It also includes restructuring charges included in non-recurring operating items.

Order book:

Operating cash flow: operating cash flow is a measurement of cash flows generated by the Group’s ordinary activities. It is made up of Ebitda, the change in operating working capital requirement and current provisions, interest paid, income taxes paid, dividends received from companies accounted for under the equity method, operating investments net of disposals and repayments of lease liabilities and the associated financial expense. Operating cash flow does not include growth investments in concessions and public-private partnerships (PPPs).

Free cash flow: free cash flow is made up of operating cash flow and growth investments in concessions and PPPs.

Concession subsidiaries’ revenue from works done by non-Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by Contracting business lines.

Cost of net financial debt: the cost of net financial debt comprises all financial income and expense relating to net financial debt as defined below. It therefore includes interest expense and income from interest rate derivatives allocated to gross debt, along with financial income from investments and cash equivalents. The reconciliation between this indicator and the income statement is detailed in the notes to the Group’s consolidated financial statements.

Non-recurring operating items: non-recurring income and expense mainly includes goodwill impairment losses, restructuring charges and income and expense relating to changes in scope (capital gains or losses on disposals of securities and the impact of changes in control).

Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.

Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds and other borrowings and financial debt (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.

Until 31 December 2018, financial debt included liabilities consisting of the present value of lease payments remaining due in respect of finance leases as defined by IAS 17 (€166 million at 31 December 2018). On 1 January 2019, IAS 17 was replaced by IFRS 16, which specifies a single method for recognising leases. The Group now recognises a right to use under non-current assets, along with a liability corresponding to the present value of lease payments still to be made. That liability is not included in net financial surplus/debt as defined by the Group, and is presented directly on the balance sheet.

Public-private partnership – concessions and partnership contracts: public-private partnerships are forms of long-term public-sector contracts through which a public authority calls upon a private-sector partner to design, build, finance, operate and maintain a facility or item of public infrastructure and/or manage a service.

In France, a distinction is drawn between concessions (for works or services) and partnership contracts.

Outside France, there are categories of public contracts – known by a variety of names – with characteristics similar to those of the French concession and partnership contracts.

In a concession, the concession-holder receives a toll (or other form of remuneration) directly from users of the infrastructure or service, on terms defined in the contract with the public-sector authority that granted the concession. The concession-holder therefore bears “traffic level risk” related to the use of the infrastructure.

In a partnership contract, the private partner is paid by the public authority, the amount being tied to performance targets, regardless of the infrastructure’s level of usage. The private partner therefore bears no traffic level risk.

Order intake:

      For joint property developments:

Operating income from ordinary activities (Ebit): this indicator is included in the income statement.

Ebit measures the operational performance of fully consolidated Group subsidiaries. It excludes share-based payment expense (IFRS 2), other recurring operating items (including the share of the income or loss of companies accounted for under the equity method) and non-recurring operating items.

Recurring operating income: this indicator is included in the income statement. Recurring operating income is intended to present the Group’s operational performance excluding the impact of non-recurring transactions and events during the period. It is obtained by taking operating income from ordinary activities (Ebit) and adding the IFRS 2 expense associated with share-based payments (Group savings plans and performance share plans), the Group’s share of the income or losses of subsidiaries accounted for under the equity method, and other recurring operating income and expense. The latter category includes recurring income and expense relating to companies accounted for under the equity method and to non-consolidated companies (financial income from shareholder loans and advances granted by the Group to some of its subsidiaries, dividends received from non-consolidated companies, etc.).

Operating income: this indicator is included in the income statement.

Operating income is calculated by taking recurring operating income and adding non-recurring income and expense (see above).

Ebitda margin, Ebit margin and recurring operating margin: ratios of Ebitda, Ebit, or recurring operating income to revenue excluding concession subsidiaries’ revenue from works done by non-Group companies.

VINCI Autoroutes motorway traffic: this is the number of kilometres travelled by light and heavy vehicles on the motorway network managed by VINCI Autoroutes during a given period.

VINCI Airports passenger traffic: this is the number of passengers who have travelled on commercial flights from or to a VINCI Airports airport during a given period.




 

1 Excluding concession subsidiaries’ revenue from works done by non-Group companies (see Glossary).


 

2 Including a €575 million impact from the first-time adoption of IFRS 16 in 2019; 2018 figures have not been adjusted.


 

3Proposal with respect to 2019 to be made to the Shareholders’ General Meeting on 9 April 2020.


 

4 2019 and 2018 figures at 100% including full-year passenger numbers for all airports managed.


 

5The consolidated financial statements have been audited and the Statutory Auditors' report is in the process of being published.


 

6After taking into account dilutive instruments.


 

7 Figures excluding Urbat.


 

 

 

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